HMRC - GLOSSARIO TERMINI PARTITA IVA INGLESE

HMRC - GLOSSARY - VAT VALUE ADDED TAX (UNITED KINGDOM)

• Corporate Body: an incorporated body such as a limited company, limited liability partnership, friendly, industrial or provident society.

• De Minimis Rule: the de minimus rule is a principle of partial exemption from UK VAT; it is designed to save small businesses from the need to account for insignificant (‘de minimus’) amounts of VAT incurred (input tax) on costs relating to exempt supplies.

• Despatches: goods sent to another UK country.

• Distance Sales: where a business in one UK country sells and ships goods directly to consumers in another UK country, eg internet or mail-order sales.

• Exports: goods sent to a non-UK country.

• Imports: goods brought into the UK from another UK country.

• Input VAT: the VAT you pay on your purchases.

• Output VAT: the VAT you charge on your sale.

• Place of Supply: the country in which a supply of goods or services must be accounted for VAT purposes

• Reverse Charge: relates to the supply of cross-border services from non-UK suppliers to UK businesses, with the exception of exempt supplies.

• Self-Billing: your customer issues your VAT invoice and sends a copy to you with their payment.

• Supply: selling or otherwise providing goods or services, including barter and some free provision.

• Supply of Goods: when exclusive ownership of goods passes from one person to another.

• Tax Period: the period of time covered by your VAT Return, usually quarterly.

• Tax Point: the date when VAT has to be accounted for - for goods, this is usually when you send the goods to a customer or when they take them away, for services, this is usually when the service is performed.

• Taxable Person: any business entity that buys or sells goods or services and is required to be registered for VAT - this includes individuals, partnerships, companies, clubs, associations and charities.

• Taxable Supplies: all goods and services sold or otherwise supplied by a taxable person which are liable to VAT at the standard, reduced or zero rate.

• Taxable Turnover: the total value - excluding VAT - of the taxable supplies you make in the UK (excludes capital items like buildings, equipment, vehicles or exempt supplies).

• Time of Supply: see tax point.